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tax bill as the so-called fiscal cliff of automatic spending cuts and tax hikes comes ever closer. >> his proposal, known as plan b, was shot down by republicans who refuse to support any tax increases. the plan would have raised taxes on income over $1 million. he says it is now up to president barack obama to come up with a solution. >> what could that mean for ordinary americans? our reporter went to find out. >> store manager jennifer thomas sells trendy designer fashions at her boutique in the u.s. capitol, washington, d.c. it is a tough business. competition is fierce, and it could get worse if the u.s. were to slip over the fiscal cliff. automatic tax hikes across the board would mean less disposable income for american consumers. >> i think our biggest concerns here are we will not be seeing people purchase as many items as they have in the past. we will see people buy jeans and a top, but they will not buy an additional pair of jeans or a dress on top of that. >> many customers are already pinching pennies. >> it has put a lower ceiling than normal on what we can spend fo
school just to keep kids safe. >> axelrod: newtown the fiscal cliff and bad weather have all cut into christmas shopping. with two shopping days left michelle miller has been talking to worried retailers. and a church in a neighborhood devastated by super storm sandy holds its first wedding. >> hell and high water came and we're still going to make it happen. >> axelrod: tony guida with the story of an undowntowned bride and groom. captioning sponsored by cbs this is the "cbs evening news." >> axelrod: good evening. i'm jim axelrod. an unbearable six-day stretch of funerals for the victims of the newtown shooting wrapped up today with the last three. mourners at the funeral of josephine gay wore purple. her favorite color. a horse-drawn coach carried the casket of six-year-old ana marquez-greene, remembered as a girl who never walked from room to room. she danced. six-year-old emilie parker was buried in utah, remembered for the markers and paper emilie always had with her because as she would say, "i have so many ideas of things to draw, it's hard to remember them all." newtown'
of the consequences of going off of the fiscal cliff in terms of tax increases. according to reuters, it would mean another $221 billion when the bush era tax cuts expire. guest: next year. host: payroll tax relief would expire. that would cause another 95 others billion. additional provisions expire for $65 billion and new affordable care act taxes would cause an increase of $18 billion. on the other side of the fiscal cliff, spending cuts that would happen according to reuters, $65 billion for the budget -- for the budget control act. 26 tons billion in the emergency unemployment benefits would expire -- $26 billion in emergency unemployment benefits would expire. back to the phones. jim from michigan on our line for democrats. how are you? caller: i am great. how are you. host: where is your city? caller: it is near south bend, indiana near where notre dame is. i have a comment on your previous caller first. one of the impressions one could get with the way he talked to obama is like our spending started with obama -- out of control spending. that was in place with bush. obama inherited it. with
doctors if we go off the fiscal cliff, get a 25% cut. so how does all the political pressure from the constituents and powerful players come from the economic pain, does the political pressure come quick enough before we get into the real economic pain? or does it go the other way? we get into the economic pain, or the economic pressure doesn't come in the right way or causes economic grid? the thing that worries me, if we go a month without the resolution we begin to run into a debt ceiling. and if we're going into a fiscal cliff ceiling, the contraction of government policy, and then on top of that we have a debt ceiling crisis, we're going to leash an economic hell that will be like lehman in 2008. >> my reaction, the sense of this, it is why i'm relaxed going off the curb because i never believed we would hit the month and month and a half. and now if i'm wrong, you and i are both staying up nights. but my sense is that all capitol hill needs is being off the cliff for a day or two. and those people that are preventing boehner from getting something done now will all sit in th
government spending cuts are set to kick in after january first. as the fiscal cliff countdown continues. house and senate members and president obama. have all recessed for the christmas holiday. >> the ninth circut court of appeals today blocked a california law which bans the controversial therapy. that aims to turn gay minors. straight. the three judge panel issued an emergency order, to put the law on hold until the court can hear further arguments. the law. which governor jerry brown signed in september, was set to take effect january first. it would make mental health professionals who engage in efforts to change a clients' sexual orientation. subject to discipline by state licensing boards. >> jacqueline: there rainfall continues with the center showers and more for the rest of the week. your complete forecast, coming up. >> coming up the warriors hosting the bobcats and will a justin smith miss his first game in 11 years? sports, coming up. look at you guys with your fancy-schmancy u-verse high speed internet. you know, in my day you couldn't just start streaming six ways to sun
over the fiscal cliff because any vote on taxes technically would be to cut them? >> we've heard some republicans say that, but i think overall, they know. both sides know that to go over the cliff, will lead to political consequences. polling suggests that republicans would suffer the most if something like that happens. the speaker especially labeled unpopular and somewhat responsible for this, and i think republicans will help that. taxes shurnt go up. if they were to go up by law, conceivably they could come back in january and lower them and campaign on the fact that they lowers taxed. >> let's take a look at what speaker boehner said on friday. >> many of us believe on both sides of the aisle, the fundamental reform of our taxes will help get our economy moving faster and get more americans back to work. how we get there, god only knows. >> so the president says he's going to head back to washington after christmas to try and hammer out a deal before new year's. babe boehner said god only knows, god and ed o'keefe. how do they get there? >> for practical reasons there, are bills
the fiscal cliff. we passed a bill replacing the president's sequestered with irresponsible spending cuts. we did that last may. we passed a bill to stop all the tax hikes on the american people scheduled to take effect january 1, and we did that august 1. and we proposed plans over and over again that democrats used to support but now will not. i do not want taxes to go up, republican do not want texas to go up. but we only when the house. democrats continued to run washington. what the president has proposed so far simply will not do anything to solve our spending problems. he wants more spending and more tax hikes that will hurt our economy. and he simply will not deal honestly with entitlement reform and the big issues facing our country. we need significant spending cuts and real tax reform to address our long-term debt problem and pave the way for long-term growth and real growth in jobs in our country. we will continue to work with colleagues in the house and senate on a plan that protect families and small businesses from the fiscal cliff. >> i think we saw last night yet again the ne
? >> they're concerned with the fiscal cliff because the majority of americans pay taxes based on their individual income tax rates and they do want compromise. a majority of this segment, they make the household income under $250,000 mark that the pretty has put forth. what infuriates them is they have to make tough decisions every day and they can't understand why the policy makers can't make tough decisions to help move the economy forward and create certainty for businesses so things can continue to improve. >> you know, bill, what is your advise if you have any for small business owners going into 2013? is it invest in your company, this is the time to expand, or is it, hey, hunker down and save your cash? >> the fact that only three of the small businesses are going to be affected by the higher tax rates is really kind of misleading. if you look at it, they earn enough money, $250,000 or more to be affected by this tax hike and it is the small business sector of the economy that's really going to continue to push ahead. the headwinds are big but we'll grow the economy and
, congress and president obama could say no to the fiscal cliff by extending all the tax cuts an overturning the automatic spending reductions incurrent law. what about that scenario? >> i think that is right. and frankly is probably what they'll do. look at the timeframe congress has left, i think, at the beginning, you said, it is nine or ten days and it is really four by the time they get back on the 27th and keep in mind when they come back they have four days to write -- come up with a deal and write the legislation and get it scored and there's a lot to do in four days and it is unlikely they'll get a deal done. so what they'll do is kick the can down the road at least a month and that is likely once they get back on the 27th. >> heather: like my late christmas shopping, everyone has a gift card for a sweater. thanks... >> hopefully not a tax increase. >> heather: thank you very much. >> thank you. >> all right. >> gregg: a great example of american ingenuity. a company that relies on summertime to make money is actually finding a new way to stay in business in the wintertime deliverin
to avoid the fiscal cliff. one you might see a benefit in the your paychecks next year. >> the president is cutting the number of parties for the inauguration. we'll ted you what is different. >> we'll tell you >> you're watching abc 7 news at 6:00. >> despite a major defeat over plan b speaker john boehner is encouraging republicans to work with democrats to avoid the fiscal cliff. this comes a day after president obama said he will pursue a less am by shougs budget deal with republicans. there is good news no matter what congress does to address the problem, it is too late for employers to with hold income taxes from paychecks next month. employers are going to with hold the tax for the 2012 rates. >> president obama is restricting the number of inaugural balls to the lowest number in 60 years. there will be only two official parties right now. there was 10 held the last time around. there will be a concert honoring military families held on saturday before the inauguration. >> before the ina ration christmas. we are three days away. the
version of a fiscal cliff deal, you know, keeping tax cuts in place for 98% of americans, extending unemployment insurance, and laying out a plan, a down payment on a promise to do entitlement reform and also made a pitch to the american people to only blame republicans if there is no deal. so it is a two-pronged attack that he makes right before taking off on vacation. so right now, you know, the plan is basically to keep the pressure on, and we know both sides are planning to come back at some point after christmas and try to get something worked out, but no overt optimism coming really from the aides on either side right now. we'll see, soledad. i will tell you folks right now are planning to make new year's eve plans here in washington, d.c. we're not so sure we're getting out of town yet. >> they should be plans you can cancel if case you have to go right back to work. let me ask a question. jessica says pressure is a great motivator. talk about pressure last night on speaker boehner, couldn't get enough support from his own party for his plan. what does that mean for any kind
. >>> meanwhile, stocks had a fiscal cliff selloff. but even a deal in january for the cliff is going to be all right if you ask me. and today's economic numbers pretty darn good. and the gun control debate heats up again today after a controversial nra news conference in washington. the "kudlow report" begins right now. >>> all right. let's first look at the market reaction to this fiscal cliff stuff. jackie joins us with the details. good evening, jackie. >> good evening to you, larry. while markets finished lower on the day, they were higher on the week. the dow up about .5%, the nasdaq higher by 1.7%, and the s&p 500 up by roughly 1.2% over the last five days. meantime in terms of sector performance, the financials, they had a rough day. the plan "b" proposal for the fiscal cliff. up more than 3% for the week. also technology and materials they finished lower on the day, as well, but higher for the week. the worst-performing sectors this week, consumer staples, telco, and health care, and in terms of the individual stocks that we were watching on the s&p 500 nyse was bigger with a 30% upsid
. and investors cuts their pace today with setbacks in the fiscal cliff. s&p down 13 rand the nasdaq tumbled to 29. now, back to "hardball." >>> it's official. president obama announced he would replace secretary of state with john kerry. >> i'm very proud to announce my nomination for secretary of state, john kerry. in a sense, jorn's entire life has prepared him for this role. as the son of a foreign service officer, he has a deep respect for the men and women of the state department. having served with valor in v t vietnam, he understands that we have a responsibility to use american power wisely, especially our military pow. >> what does today's announcement mean for the president's second term. and what does it mean for kerry's senate seat? susan milligan and robert costa. >>> susan, president obama and senator kerry have shared a unique history over the past eight years and that's something that the president referred to today. >> of course, i also have to say thanks because john invited a young illinois state senator to address the democratic convention in boston. i was proud to serve with
january 1. the so-called fiscal cliff. the republican speaker of the house tried to force through his solution last night but he couldn't keep his own party in line. nancy cordes is at the capitol. nancy? >> reporter: scott, this was an unforced error. speaker boehner did not have to bring this plan "b" bill up but he was simply trying to get more leverage in negotiations with the president. instead, the misstep left him weaker and there is genuine confusion among both parties tonight about what to do now. speaker boehner left the capitol for the holiday this is afternoon, 18 hours after his risky move backfired. >> we didn't have the votes to pass it. it's not the outcome that i wanted. boehner wanted the house to pass a bill extending the bush-era tax cuts for all households making less than a million dollars a year. but a few dozen conservatives balked, saying it amounted to a tax hike on millionaires. louisiana's john flemming was one of the holdouts. >> raising taxes on any american to me is not the right message. the right message is cutting spending. >> reporter: a defeated spe
the military survive the spending cuts as they stand the fiscal cliff? >> if the fiscal cliff goes into -- goes into effect as of january -- initial january 2, it will be in effect. if that goes into effect on that day there will be serious cuts that will be mandated and affect the national security and it is -- exactly the wrong thing to be doing. as i indicated before, there are cuts that can be made in the defense budget. they have to be managed properly and not simply across board-type of arbitrary slashing of that budget. i think that will endanger our security and we can make further cuts. it has to be done prudently and with discussion and wisdom. i don't think that's the congress should take or wants to take. unfortunately, there aren't enough people up there willing to back away and do the right thing under the circumstances. yes, it will be a hardship and one this country should not have to endure. >> all right. thank you, mr. secretary. great to see and you appreciate your time. >>> caution may be the buzz word for lots of folks doing their holiday shopping. costing a mint. makers ar
to avoid the fiscal cliff. the president said he hoped any deal to avoid the fiscal cliff would also include and extension of unemployment insurance and lay this is about 7 minutes. >> good afternoon, everybody. for the last few weeks, i have been working with the leaders of both parties on a proposal to get our deficit under control, to avoid tax cuts -- to avoid tax hikes on the middle-class. and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending, but also ask the wealthiest americans to pay more, a proposal that will strengthen the middle class over the long haul, and our economy over the long haul. in the course of these negotiations, i offered to compromise with republicans in congress. i met them halfway on taxes and more than halfway on spending. today, i am still willing to get a comprehensive package done. i still believe that reducing our deficit is the right thing to do for the long-term health of our economy and the confidence of our businesses. i remain committed to working towards that goal, whether it happens all at once, or whet
the government from car ring off the fiscal cliff. the plan includes extending tax cut for most americans and taken steps to avoid a papal set of agency budget cuts. >> the president suggested that any chance for a smaller deal may rest in the senate. particulary after the collapse of a plan by house speaker john boehner to allow tax rates to rise for wealthy americans. >> coming up on kron 4 news weekend. an appeals court makes a ruling on a state law which bans their peak aimed at turning gay minors straight. we will have more details. here is a live look outside at mt. tam. we will be right back. >> it is back at 8:09 a.m.. we are keeping an eye on the weather this morning. 50 at ski run over to the sierra. it is expected to be cloudy today with scattered snow showers and very high wind gusts. high temperatures are only going to be in the '20s. they are expecting plenty of snow. anywhere from 1 to 5 ft.. chains are also required on most of the highway is going up. >> parts of the midwest are still dealing with a blizzard conditions this weekend. if this is video out of westwood, ohio o
on what people earn. why is chained cpi so vital to the fiscal cliff negotiation? it isn't a spending cut or a tax hike, but it would foifly cut spending and raise taxes on some, saving the government an estimated $300 billion over the next decade. but the problem is that what that means is that senior, the longer they live, the less money they would actually take home. they would see a cut to their benefits. >> this was a concession from the democrats or was it just an accounting fix? >> it is both of those things. some democrats i spoke to said, look, maybe i would consider this, but only if we could have some sort of amerimechanism tha senior past age 85 would be facing a 6% or 8% cut in benefits, maybe there would be an adjustment to make sure especially for people who are very poor that there'd be some sort of safety net. you know, paul krugerman has said this is a horrible idea, terrible, stupid idea, and this is not something the white house should consider. >> let's bring back the rest of the panel. mohamed el-erian, ceo of pimco. mark zandi with moody's. mohamed, when you say we'
on republicans to at least extend the middle class tax cuts to avoid the fiscal cliff. those folks, families making under 250,0 a year, kept up the pressure on republicans to at least do that and that, we may see that happen,elissa because, listen, there are some republicans on the hill who think, heard it from senator corker, who said, hey, let's just do that but let's get to entitlement reform and real spending cuts when w get to the debt ceiling in february and march. we might, i can't rule out that might happen but right now, there is no deal. melia: all right. peter. thank you so much for that, thanks fo sticking around. for more analysis of president the's remarks let's bring back our money power panel. kimberly foss, scott martin and steve hayes. steve, as i was listening to that i felt taxes go up, didn't you? i just, you can feel it in your bones. it is a-come inch. >> this is what the profit wants. you heard himbout unemployment insurance, extending that. you heard about the taxes above 250, going up. this is basically sort of the bare bones of president obama's wish-list. i think
government spending cuts are set to trigger after january first. as the fiscal cliff countdown continues. house and senate members have already recessed for the holidays. >> president obama will nominate senator john kerry as the next secretary of state. he made the announcement at the white house today. current secretary of state hillary clinton is stepping down in january.u-n ambassador susan rice was reportedly on the short list, but took herself off it, citing a "lengthy, disruptive, and costly" confirmation process after republicans took issue with her remarks on the deadly benghazi attack killed 4 americans in libya. >> and after the president's busy day. he and the first family are now heading for hawaii. the president, first lady and their two daughters boarded air force one at joint base andrews in maryland earlier tonight. mr. obama plans to return to washington after christmas to continue working on a deal to avert the fiscal cliff. >> a blizzard is pounding the upper midwest, causing havoc on the roads and leaving thousands of residents without electricity. the national weath
the collapse of efforts to avoid the fiscal cliff, all sides were speaker boehner tried to shift that burden, saying democrats unemployment insurance to be extended. >> we can't cut our way to prosperity we need real economic growth. and many of us believe on both sides of the aisle that fundamental reform of our tax code will help us get our economy moving faster and put more americans back to work and more americans on the tax rolls. how we get there, god only knows. >> reporter: voters who expected congress to watch over the >> so i think the tax issue and the job issue needs to be looked >> reporter: voters who expected congress to watch over the economy after the election are watching the fiscal cliff with growing alarm. >> it's going to mean a lot of problems, the job situation will actually get worse because then companies can't borrow money and if you can't borrow money, then you're gonna have problems with hiring employees and stuff like that. >> reporter: the holidays are usually times that bring families together and many would like to see that happen at the national level as well
to the ongoing negotiations to prevent the so- called fiscal cliff we have mentioned. there are just 10 days to go until this potentially damaging combination of tax increases and spending cuts goes into effect, but so far, the politicians seem no closer to averting the plunge. president obama is pressing for action. he had this to say just a few minutes ago. >> i just spoke to speaker boehner and i also met with senator reid. i have asked the leaders of congress to prevent tax hikes on middle-class americans, protect unemployment insurance for 2 million americans, and lay the groundwork for further work. that is an achievable goal. that can get down in 10 days. >> president obama there on the upcoming fiscal cliff. joining me now to discuss the standoff is the bbc's ben wright. thank you very much. was there anything in the president's speech that would give us any cause for optimism that is the cliff can beat averted? >> i thought his tone was interesting. he was optimistic an exasperated at the same time. he reminded people in congress they only have 10 days left to find a deal before the
a deal on the looming "fiscal cliff" so that means there are now just 10 days remaining until the automatic tax hikes and spending cuts kick in january 1. disagreements over how much to raise the taxes and cut spending continued to separate democrats and republicans. president obama called on house speaker john boehner to come back to the negotiating table and avoid the "fiscal cliff." >> as of today, i am still ready and willing to get a comprehensive package done. >> the remarks came after speaker boehner failed to gather enough of his party's support to bring his so-called plan b to the floor for a vote. his proposal would have effectively raised taxes only on those americans making more than a million dollars a year. house and senate members will be back at the capital on december 27th looking for that solution. >>> wall street worried about the "fiscal cliff" talks, stocks closed sharply lower today. the dow dropped more than 120 points. the nasdaq fell 29 points. the s&p dropped, as well. >>> california cannot stop people from using the so-called conversion therapy to tr
republicans should return to negotiating table and work with democrats that avoids the fiscal cliff all together. republicans should support passing a bill that extends tax cuts for families up to $250,000 and delays the so-called sequester while we negotiate additional policies next year. but the bottom line is moving forward will require cooperation from speaker boehner and senator mechanic connell. we hope they'll return from christmas ready to coop rate. >> well, you know, senator reid can try to fill that vacuum. but he controls one-half of one of the two bodies in congress. it still boils down to this dynamic that hasn't changed now for a year and a half. the democrats, and you've got to include reid and the president, are negotiating with a side led by john boehner who, despite whatever he may want to do himself, can't bring together his own team. he's being held hostage by his own kau cuss. now, i wrote this in the book i had about the last time we went through this a year and a half ago, that mitch mcconnell is one of the craftiest negotiators on capitol hill. last year, when w
toward a fiscal cliff deal more in the action in the house or senate. the responsibility now to avoid massive taxes and draconian spending cuts resting squarely on the president. fox news chief white house correspondent ed henry with our report. >> just as our economy is really startingo recover and starting to see optimistic signs and we have seen actually some upside to from a wole range of areas, including two from including housing, now is not the time for more self-inflicted wounds , seven not the estimate from washington. lou: presdent obama's top advisers were quick to dump on the speaker come -- declaring he is backed into a corner. >> they went from plan b to plan seal later. the fact that they could not even plan -- pass that was an embarrassment. >> in private the president's advisers admit they are bit more apprehensive firmly believing mr. obama has the upper end of the public. if the market takes the hit to the commander-in-chief we will still faceis share of heat for washington this function to may point republicans are hammering. >> the u.s. economy is estate here. mil
that no deal has been made to avoid the fiscal cliff. coming up, the president's message to congress today in hopes of avoiding tax hikes and spending cuts. >>> different solution to gun violence. what this man says it is time to do about guns and his push to make it happen. >> a foot of new snow [ bells ] >>> the names of each victim killed in the connecticut school shooting at sandy hook elementary school in newton, connecticut were read today. mourners observed a moment of silence to mark one week. many gathered in the rain outside the school to pay respects. >>> the head of the national rifle association layed out a plan to stop the killings. ktvu's eric rasmussen found one man who is leading a different fight to treat gun violence as a public health epidemic. >> reporter: he is one of hundreds of petitions that sprung up since the tragedy at sandy hook elementary school. >> reporter: as the national rifle association took the podium in washington. >> the only thing that stop as bad guy with a gun is a good guy with a gun. >> reporter: he was pushing a different solution. >> there are
, now, to the fiscal cliff getting closer. just ten days until everybody's taxes go up and spending cuts kick in. and washington's a ghost town with no deal in sight. talks halted until after christmas, leaving just a few days to bang out some kind of plan before the deadline. abc's david kerley has the latest from the white house. david, before leaving us on the holidays with his family, the president urged lawmakers to find some common ground for these coming days. but it doesn't seem to be happening right now. >> reporter: the president in that same message, gave up on the big deal for right now. he wants a stop-gap measure to keep taxes from going up. and a framework for a deal next year. and the president's not in this house, either. this morning, the president arrived in his home state of hawaii for the holidays. before leaving, he told members of congress to cool down. have some eggnog and christmas cookies and come back and make a deal. >> nobody can get 100% of what they want. and this is not simply a contest between parties, in terms of who looks good and who doesn't. there are
cuts. i think that's the expectation. but if the fiscal cliff is to be hit, you wouldn't see on a paycheck taxes -- you wouldn't see that affected, necessarily, january 1. payroll processors will wait for some time. because even if the fiscal cliff hits, there would be tremendous pressure on washington to deal with that. and sort of fix it retroactively. so payroll processors may wait, if it were to remain permanent, though, that fiscal cliff, you would see it impact paychecks probably late january, early february. that's the expectation. >> that is a very thin silver lining around that very dark cloud. what's the president and his family up to in hawaii? >> reporter: nothing public on the schedule right now. we know -- there are some things he normally does, he'll go out normally for shaved ice with his daughters near the home in die kayluha where they're staying or have dinner with his half sister maya. the one thing on his schedule is the funeral tomorrow for senator inouye, the longest-serving member of congress. as you know, there was a funeral in washington, d.c. but th
a deal with the democrats, but he has a plan b fiscal cliff proposal and let's bring in jonathan allen and third way resident fellow bill schneider. i want to start with you. you wrote an article titled revenge of the purged, and you basically were saying in your article, jonathan, that the three amigos that spooker boehner stripped out of their positions and we see them on the screen, what beef did they have? was it simply because they were stripped of their titles? >> look, i think there's a fundamental divide between them and not only speaker boehner with a lot of the republican conference. these guys lost their assignments voting against republicans a lot, but also members of the republican steering committee that led the committee led by speaker boehner have basically said that these guys have gone to another level of trying to hurt the team over the last couple of years and that's why they lost their community assignments and there were profane words used to the way they comport themselves and as a result these guys were free of any tether to the leadership and so not only were t
people, most of them children. and markets tanked today over the stalemate over the fiscal cliff. the president saying congressional leaders can reach a deal. is he optimistic before automatic spending cuts and tax hikes kick in on new year's day. the president now on his way with his family to hawaii for christmas. and the pharmacy linked to the deadly meningitis outbreak reports it has filed for bankruptcy. that new england compounding center as it's called shut down after shipping tainted steroid shots that have killed at least 39 people across the country and infected hundreds more. on this day in 1937, walt disney premiered snow white and the seven dwarfs. many critics had doubted audiences would want to watch 83 minutes of a cartoon. for that, it was considered a major financial gamble. it cost an astounding $1.5 million toak
to the fiscal cliff. the combination of tax hikes and across the board spending cuts that no one wants to have happen. the president seems to be sticking with his plan and congress seems to be in disarray. time is running out. the time is january 1st just ten days away. nancy cordes has the latest on the negotiations. >> reporter: shortly before he left for hawaii president obama urged congressional leaders to address a smaller plan to avert the fiscal cliff because his talk with speaker boehner on a smaller deal have stalled. >> i met them halfway on taxes, and i met them more than halfway on spending. >> reporter: that was not speaker boehner's take earlier in the day. >> what the president has proposed so far simply won't do anything to solve our spending problem. he wants more spending and more tax hikes that will hurt our economy. >> reporter: but boehner's position was weakened after he tried but failed to pass his own plan in the house. >> as you know the house did not take up the tax bill last night because we didn't have the votes to pass it. it's not the
is done its part to avert the fiscal cliff. we have passed legislation that would replace the sequester with responsible spending cuts. he also passed a bill to stop all of the january 1 tax cuts. -- we also passed a bill to stop all of the generally when tax cuts. the american people reelected president obama on election date. the also elected the republican majority in the house. they gave us a mandate not to raise taxes on families and small businesses, but a mandate to work together to solve the massive debt that threatens our country's future. unfortunately the president and senate democrats have vowed to reject indeed all of our proposals while failing to offer responsible solutions of their own. what the president has offered so far will not do anything to solve our spending problem and begin to adjust our nation's crippling debt. instead he wants more spending and tax hikes that will hurt our economy. he refuses to challenge the members of his party to deal honestly with entitlement reform and the big issues that are facing our nation. that is why we find ourselves here today. i
welker traveling with the president tonight. thanks. >>> for more on what going over the so-called fiscal cliff could mean for you and your family come the new year we want to bring in the "today" show financial editor. a lot of focus has been on the expiring bush era tax cuts. let's talk about the amount of money that comes out of your weekly or monthly paycheck. how will that change? >> reporter: the other thing that is expiring is the payroll tax holiday. that is very likely to go whether or not we get a deal. for americans who earn about $30,000 a year, that's going to mean a cut of $50 a month, $500 over the course of the year in their pay checks. for those who earn closer to $50,000 we're looking at a thousand dollars over the year and if you earn closer to $100,000 it's $2,000 throughout the year. >> let's talk about those expiring tax cuts. if congress doesn't act, how much of a bite is that going to take from the average american? >> well, as the man said in the piece, on average it is going to take about a $3500 bite for the average american. but it is going to take more from up
to be in john boehner's shoes rooity now. the most likely path of averting the fiscal cliff before the new year would be getting what president obama laid out yesterday and that was extending the bush-era tax cuts of $250,000 or below as well as extending unemployment insurance and if it sails through the senate and gets to the house and john boehner allows that to get up to a vote it would most likely pass without a majority of house republicans and that could infuriate the republican caucus. the other option for house speaker john boehner would be to hold firm to hold their ground. however, that's actually the most likely outcome to going over the fiscal cliff and all polls, actually show that republicans would bear the brunt of the blame for that. so i wouldn't want to be in john boehner's shoes right now. >> either way, if it is the first scenario that mark marked out for us, if not speaker boehner, then who might replace them should there be a revolt here? eric cantor, just a year ago we were watching 2011 and it seemed like he was waiting in the wings. when you look at that, what might be
the fiscal cliff some democrats because they would finally get the defense cuts that they have been clamoring for and it would actually serve their purposes. i dismiss that. >> to be fair, we have even had some republicans who have said that that they want. members of the tea party don't want to have anything to do with -- they want us to go into default. they want us to face these problems. howard dean on the democratic side saying, look, if we don't do it, we have got this other plan and he talks about the fiscal cliff to what alisyn was just saying. listen. >> as you know, i believe the country would be better off if would get another revenueiff. to be serious about balancing the budget and get defense cuts which the congress will never vote for otherwise. we will get some human services cuts which i don't like but we are in a deep hole and everybody is going to have to put somethinged in something. the truth the belief that millionaires or people who make more than $250,000, you tax them more that's going to solve the deficit problem that's just not so. i think it would be better for the
had on the table, we agree to. and the third option is going over the fiscal cliff and as my colleague has pointed out time and time again, that seems to be the more likely option for everyone, because you end up going over and then that would allow republicans to countenance cutting taxes the way that president wants to do and that seems to be the direction we will be going. >> that third option, juftd going over the cliff, what are you hearing from the white house? is there a sense of confidence that if that were to happen that they would rebound better than republicans? >> reporter: well there's a sense in part, if you look at the polls, the majority of americans say they would blame republicans if the country were to go over the fiscal cliff. the white house feels they are in a strong position right now, in part because of the president winning re-election, he ran on the platform of increasing taxes on the wealthier americans. there's a sense that if they go over the cliff, the republicans would get the brunt of it. >> did this just get more complex after plan-b failed? if it did g
could be working out a deal on the fiscal cliff impasse, they're not there. president obama and the first family are in hawaii for the holidays and lawmakers have gone home. let's check in with cnn's emily schmidt in washington, not hawaii. emily, good morning. when will we see everyone back in washington to try to work out a deal? >> randi, that's a good question. everyone has left town. they did so yesterday. everyone is saying they'll be back again after christmas. if there are any negotiations that happen, it will be at least a few days that they would have to be done long distance. and there is a lot of work, it seems, still to be done. we've heard from president obama and house speaker john boehner over the past few hours. and it sounds publicly as if they are still quite far apart. take a listen. >> every member of congress believes that. every democrat, every republican. so there is absolutely no reason, none, not to protect these americans from a tax hike. and at the very least let's agree right now on what we already agree on. let's get that done. >> the president
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